Ghana's anti-corruption authorities have made a major breakthrough in the sprawling State Mining Limited scandal, arresting the former Commissioner-General of the Ghana Revenue Authority and two accomplices for their alleged roles in the $500 million financial malfeasance case.

The high-profile arrests, executed in a dawn operation by security forces, relate to suspected tax fraud, contract manipulation, and embezzlement at the state-owned mining firm. Investigators allege the trio orchestrated a complex scheme that siphoned public funds through inflated contracts and irregular tax exemptions.

"This isn't just about stolen money - it's about systemic betrayal of public trust," a senior investigator told reporters under condition of anonymity. "We're uncovering layers of financial engineering designed to bleed state coffers dry."

The scandal first surfaced when internal auditors flagged suspicious transactions between SML and several offshore entities. Forensic analysis revealed a trail of doctored documents and phantom contracts allegedly used to justify massive fund transfers.

The arrested former tax chief, who had previously been lauded for boosting revenue collection, now faces potential charges including willfully causing financial loss to the state and money laundering. His two alleged co-conspirators include a former SML executive and a private sector accountant.

The case has sent tremors through government circles, with the Finance Ministry scrambling to implement new safeguards for state-owned enterprises. President Mahama has convened an emergency cabinet meeting to address the fallout, declaring "zero tolerance for those who treat public funds as personal piggy banks."

As court proceedings loom, anti-corruption watchdogs are demanding swift justice. "This case must become Ghana's Enron moment," said Transparency International's local director. "Either we draw the line here, or we institutionalize grand corruption."

With investigators promising more arrests, the SML scandal threatens to expose deeper rot in Ghana's state enterprise sector. The central bank has reportedly frozen multiple accounts linked to the case as the probe expands internationally.